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THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND DEVELOPMENT OF THE FINANCIAL MARKET

of May 25, 2020 No. 59

About approval of Rules and features of participation of the insurer in investments or profit of the insurer, and also Requirements to contents of the insurance contract providing condition of participation of the insurer in investments or profit of the insurer, Conditions and Rules of transfer by insurance company of the assets created at the expense of part of the insurance premiums got from insurers for the purposes of investment and income (losses) gained from their investment in investment management to the managing director of investment portfolio not being insurance company

According to the laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity", of July 2, 2003 "About the security market", of July 7, 2004 "About investment and venture funds" Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market

1. Approve:

1) Rules and features of participation of the insurer in investments or profit of the insurer according to appendix 1 to this resolution;

2) Requirements to contents of the insurance contract providing condition of participation of the insurer in investments or profit of the insurer according to appendix 2 to this resolution;

3) Conditions and Rules of transfer by insurance company of the assets created at the expense of part of the insurance premiums got from insurers for the purposes of investment and income (losses) gained from their investment in investment management to the managing director of investment portfolio, not being insurance company according to appendix 3 to this resolution.

2. Declare invalid the resolution of Board of National Bank of the Republic of Kazakhstan of August 27, 2018 No. 190 "About approval of Rules and features of participation of the insurer in investments or profit of the insurer, and also Requirements to contents of the insurance contract providing condition of participation of the insurer in investments or profit of the insurer, Conditions and Rules of transfer by insurance company of the assets created at the expense of part of the insurance premiums got from insurers for the purposes of investment and income (losses) gained from their investment in investment management to the managing director of investment portfolio not being insurance company" (it is registered in the Register of state registration of regulatory legal acts of the Republic of Kazakhstan at No. 17399, it is published on October 5, 2018 in Reference control bank of regulatory legal acts of the Republic of Kazakhstan).

3. To provide to department of the insurance market and actuarial calculations in the procedure established by the legislation of the Republic of Kazakhstan:

1) together with Legal department state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this resolution on official Internet resource of the Agency of the Republic of Kazakhstan on regulation and development of the financial market after its official publication;

3) within ten working days after state registration of this resolution submission to Legal department of data on execution of the actions provided by the subitem 2) of this Item and item 4 of this resolution.

4. To management of the international relations and external communications to provide within ten calendar days after state registration of this resolution the direction it to the copy on official publication in periodic printing editions.

5. To provide to the central depositary till July 1, 2020 reduction of the set of rules and software of the central depositary in compliance with requirements of this resolution.

6. To impose control of execution of this resolution on the supervising vice-chairman of the Agency of the Republic of Kazakhstan on regulation and development of the financial market.

7. This resolution becomes effective after ten calendar days after day of its first official publication.

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